You Have Income Insurance, Don’t You?

Insurance comes in many forms. In the end it is the income insurance that helps us, and our loved ones continue with a lifestyle we have created for ourselves. So, what is income insurance?  Well, it provides coverage if you die too soon, live too long, or injured to where you cannot work along the way.

Let’s start with if you die too soon.

This is where life insurance comes into play. Life insurance can provide a cash benefit to your spouse or family should you die too soon. The benefit received can provide for lost income, pay off a mortgage, debts, future college, and wedding expenses just like you would have wanted to if you were here to do so. There are many types of life insurance, but the most important one is the one in place when you pass away. A qualified Life Insurance Agent can help you do an analysis of your situation to help you decide how much coverage, and more importantly, what types of life insurance you need.

If you are a business owner having Key Person, Buy-Sell, and Executive bonus policies in place can help a business that loses a key employee. Having policies like these in place can help with loss of income, transition, and business transfer expenses.

What if you get injured to where you cannot continue to work in your occupation

What if you went skiing and had a bad accident and you were not able to perform your duties at work and suffered a reduction or loss of income?  Disability Insurance will provide for that loss of income. When purchasing these policies, they can select the amount of benefit and length of time to receive the benefits. Actuarily during your earning years it is more likely you will suffer a disability than die. Some companies offer this coverage as part of their benefit package, but if yours does not it is certainly worth looking at this valuable coverage.

Can you outlive your retirement?

So, you have lived a long life and enjoyed the journey. The problem is that now your number one worry is running out of money! You had made some great plans when you were younger, but now the accounts are stretching thin. Some people believe in the 4 percent rule when pulling money from their accounts, but the sequence of returns risk, higher inflation and taxes can really affect this. Perhaps, if they would have utilized an Income annuity along with their Social Security to provide for the “needs” and their investment account to provide for the inflation risk and “wants” you would not have this worry.

We have gone on a quick income journey and some of the solutions to put in place so now “let’s make a plan so you and your honey do not run out of money!”

Click below to schedule an appointment.

Chris Liebum, LUTCF®, NSSA®

Income Replacement Consultant

Chris Liebum Agency

(346) 261-2100 – Office

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